The Carlyle Group will shell out $137 million for convertible bonds CBs in Haier Electronics Group and has the option to invest another $57 million when warrants are exercised. The investment combined with other shares Carlyle owns will give the financial sponsor a 9% stake in Haier.
The bonds convert within 18 months at a price of HK$10.67 per share, representing a premium of around 12.43% to the closing price on July 28, the day before the deal was announced. The warrants can be exercised at a premium of 5% to the bond conversion price, translating to a premium of about 18.02% to the July 28 price. The...
¬ Haymarket Media Limited. All rights reserved.
